Nearly 4% of the world’s oil supply is offline due to conflict

The world’s oil prices have stayed high since 2010 — bouncing around $100 per barrel— for two basic reasons. Oil demand keeps rising, and production is struggling to keep up. But why is production struggling to keep up? One big factor has been geopolitical conflict. Wars, unrest, and sabotage have increasingly plagued oil producers like Iraq, Libya, and Syria since 2011. The US and EU sanctions on Iran’s oil industry have also removed a lot of oil from global markets.